Bilfinger SE

Investor Presentation • Nov 21, 2022

Bilfinger SE

Quarterly Statement Q3 2022

November 9, 2022

Hydropower: ÖBB - Obervellach/Tauernmoos

Key Highlights Q3 2022

HSEQ Safety is good business

"Zero" is possible

*LTIF: Lost Time Injury Frequency

Safety KPI (based on 1 million working hours)

Orders received and revenue significantly above prior year

• Increase in orders received
• Slightly increased share in projects, including biopharma and energy transformation
• Increase in revenue in all segments

Revenue split [YTD, %]

Market development

Continued positive demand despite challenges for the industry

Chemicals & Petrochem 30% of revenue YTD

15% of revenue YTD

Bilfinger trend

Long-term development:

Sustainability, energy costs, availability of resources and skilled workers, capacity expansion and modernization in North America and Middle East

Current situation:

Increasing demand for combined industrial services investments in resource and energy transition; certain weakness in Germany, more stable abroad

Our positioning:

Asset Maintenance Industrial Projects

Plant Turnaround

Long-term development:

Government subsidies, CO2 reduction , investment in renewables, goal of independence from Russia, ageing infrastructure

Current situation:

Increasing green energy investments and Electrification of industrial assets will continue to grow, Nuclear power revival as part of "net zero" strategy, Nuclear waste treatment market under development

Our positioning:

Carbon Capture and Storage Hydrogen Production and Transport Commercial Heat Battery Production Energy production through hydropower Revenue split [YTD, %] Revenue split [YTD, %]

Bilfinger SE | Quarterly Statement Q3 2022 | November 9, 2022

Asset-Integrity Management

Carbon Capture and Storage Hydrogen Production and

84% E&M Europe 9%

Demand for services to increase efficiency and sustainability remain driving factors

Long-term development:

20% of revenue YTD

Oil & Gas

Market development

High profits of large companies, investment in green energy, goal of independence from Russia, ageing infrastructure

Current situation:

Investment levels have risen sharply again, including new LNG projects, some large companies are working intensively on hydrogen and carbon capture

Our positioning:

Transport

E&M International 7%

Long-term development:

De-globalization, demographic development, outsourcing of maintenance and production, health care spend

Current situation:

Increasing global health care spend, especially in developed countries, partial relocation of production to Europe

Our positioning:

Life Cycle Services Engineering-Prefabrication-Construction-Maintenance Technologies E&M Europe

Revenue split [YTD, %] Revenue split [YTD, %]

Pharma & Biopharma Bilfinger trend Bilfinger trend

Combined digital inspection service Digital twin

THE CHALLENGE

Make Internal Visual Inspection (IVI) safer, more efficient, repeatable, and less expensive, whilst improving the quality of the inspection results.

THE SOLUTION

Remote Internal Inspection (RII). Utilizing the latest inspection technologies, we can perform internal inspections using remotely operated vehicles.

• Reduced personnel costs
• Improved safety
• Up to 80% more efficient than conventional processes
• Improved visualization and reproducibility
• Increased percentage of non-intrusive inspections (NII)
• Improved plant utilization

Bilfinger 2022

• Goal: No. 1 in efficiency and sustainability improvement
• Focus on industry segments and regions with profitable growth
• Standardization of business models and processes
• Strengthen innovation
• Results at CMD Feb 14, 2023

Strategy Update New Management Structure

• Group Executive Management formed with Executive Board, business segments and central functions
• Increase efficiency and collaboration
• Closer to operations and better customer focus

Efficiency Program

The goal is to be the No. 1 for efficiency and sustainability in our relevant markets with sustainable, profitable growth

Efficiency Program

• Standardization of processes, simplification of structures in administration, reduction of cost
• Investment in education and training
• Savings of approx. €55 million p.a. by the end of 2023
• Approx. one quarter of the savings will be invested in education and training
• Start Q4 2022 with recording of provisions of approx. €60 million
• Duration of program until end of 2023

EBITA margin of at least 5% from 2024 on

Financial highlights Q3 2022

P&L development

	Q3/ 2022	Q3/ 2021	Δ in %	YTD/ 2022	YTD/ 2021	Δ in %
Orders received	1,118	917	+22%	3,343	2,980	+12%
Revenue	1,075	945	+14%	3,114	2,755	+13%
Gross profit	114	106	+7%	316	280	+13%
Selling and administrative expenses	-78	-71	-10%	-228	-214	-7%
EBITA	37	54	-32%	78	84	-8%
thereof special items	0	3	-	-10	-3	-208%
EBITA margin	3.4%	5.7%		2.5%	3.1%
Financial result	-7	-8	+7%	-19	-13	-53%
Income taxes	-7	-5	-35%	-23	-11	-113%
Earnings after taxes (continuing operations)	23	42	-45%	36	61	-42%
Earnings after taxes (discontinued operations)	0	0	+14%	1	4	-79%
Net profit	22	41	-46%	35	64	-46%
Earnings per share 1) (in €)	0.56	1.00	-44%	0.86	1.57	-45%

• EBITA margin (3.4% ) in quarter on prior year excluding onetime effects (gains from real estate disposals € 19 million and special items € 3 million)
• No special items in quarter

1) Non-dilluted

Gross profit increased SG&A expenses significantly above prior-year EBITA margin operationally stable

Gross profit [€ million, %]

SG&A expenses [€ million, %]

EBITA [€ million, %]

Improvement in working capital Cash flow operationally increased

Operating cash flow [€ million]

Free cash flow [€ million]

Net Trade Assets / DSO/DPO

E&M Europe:

Increase in revenue supported by strong demand in North Sea Offshore EBITA margin slightly improved

EBITA [€ million, %]

38

Revenue split [YTD, %]

E&M International:

Increase in maintenance contracts in North America EBITA margin improved but still negative

-2

Q3/22

-0.6% -0.9%

161 199 116 158 163 ^{197 223} Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 +93%/+74% 1.47 1.39 0.82 0.99 1.03 1.06 1.03 391 443 422 490 503 550 591 Orders received [€ million] EBITA [€ million, %] Order backlog [€ million] Book-to-bill [ratio]

-7

∆ abs. / org.

3

2.1%

-1 -1

-0.5%

-5

-3.6%

Revenue split [YTD, %]

-6.0%

-9

-6.4%

Technologies: Orders from Pharma & Biopharma lead to revenue increase

^{130 145 141 143 124 139 153} Q1/21 Q2/21 Q3/21 Q4/21 Q1/22 Q2/22 Q3/22 +8%/+8% Revenue [€ million]

∆ abs. / org.

Outlook 2022 operationally confirmed

	Actual FY 2021	9M 2022	Outlook FY 2022
Revenue	€3,737 million	€3,114 million	Significant increase
EBITA	1 €121 million	€78 million	Significant operating increase, but impacted by special items 3
Free cash flow	2 €115 million	€12 million	At prior-year level

1 Including one-time effects in the amount of € 31 million gains from real estate disposals and € -16 million special items

2 Including one-time effects of € 86 million, thereof € 57 million from real estate disposals and € 29 million from tax refunds

³Q1 2022: Phase-out of Russian business (approx. -€10 million), Q4 2022: Provision for efficiency program (approx. -€ 60 million)

Key Highlights Q3 2022

Quarterly Statement Q3 2022 Financial backup

Segment development Q3 2022

												Reconciliation	Group
E&M Europe					E&M International		Technologies			HQ / Consolidation / Other			Other Operations			Group
[in € million]	Q3/22	Q3/21	Δ in %	Q3/22	Q3/21	Δ in %	Q3/22	Q3/21	Δ in %	Q3/22	Q3/21	Δ in %	Q3/22	Q3/21	Δ in %	Q3/22	Q3/21	Δ in %
Orders received	667	587	+14%	223	116	+93%	187	170	+10%	-11	-2	-501%	51	46	+10%	1,118	917	+22%
Order backlog	1,772	1,773	-0%	591	422	+40%	726	615	+18%	-37	-52	+28%	160	64	+148%	3,211	2,821	+14%
Revenue	676	633	+7%	218	141	+54%	153	141	+8%	-13	-16	+19%	41	45	-8%	1,075	945	+14%
SG&A	-40	-40	+1%	-14	-12	-21%	-13	-11	-15%	-9	-6	-50%	-2	-2	-2%	-78	-71	-10%
EBITDA	53	49	+9%	0	-3	-	8	8	+7%	-3	22	-	2	2	-1%	61	78	-21%
EBITA	37	33	+11%	-2	-5	+64%	6	6	+2%	-6	19	-	1	1	-3%	37	54	-32%
Special items EBITA	0	-2	-	0	-2	-	0	-1	-	0	8	-	0	0	-	0	3	-
Amortisation	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-
Depreciation	-17	-16	-3%	-2	-2	-6%	-2	-2	-26%	-3	-3	+4%	-1	-1	-3%	-25	-24	-4%
Investments in PPE	11	20	-46%	1	0	+173%	1	1	+32%	1	0	+619%	0	0	+28%	14	21	-35%
Increase in right-of use assets	12	4	+167%	1	2	-61%	2	0	-	1	1	+58%	0	1	-	16	8	+98%
Employees	21,361	20,323	+5%	6,350	5,978	+6%	2,089	2,121	-2%	454	482	-6%	1,025	1,012	+1%	31,279	29,916	+5%

Segment development YTD 2022

							Reconciliation Group
	E&M Europe				E&M International			Technologies			HQ / Consolidation / Other			Other Operations			Group
[in € million]	YTD/22	YTD/21	Δ in %	YTD/22	YTD/21	Δ in %	YTD/22	YTD/21	Δ in %	YTD/22	YTD/21	Δ in %	YTD/22	YTD/21	Δ in %	YTD/22	YTD/21	Δ in %
Orders received	2,072	1,911	+8%	584	476	+23%	534	454	+18%	-19	-8	-144%	172	147	+17%	3,343	2,980	+12%
Order backlog	1,772	1,773	-0%	591	422	+40%	726	615	+18%	-37	-52	+28%	160	64	+148%	3,211	2,821	+14%
Revenue	2,036	1,860	+9%	562	394	+43%	416	417	-0%	-45	-45	-0%	145	129	+13%	3,114	2,755	+13%
SG&A	-118	-114	-3%	-41	-37	-10%	-38	-36	-8%	-24	-20	-25%	-7	-8	+16%	-228	-214	-7%
EBITDA	137	135	+1%	3	-13	-	15	22	-31%	-14	11	-	10	3	+300%	151	159	-5%
EBITA	87	87	+0%	-4	-21	+83%	9	17	-43%	-23	2	-	8	0	-	78	84	-8%
Special items EBITA	-10	-4	-125%	0	-5	-	0	0	-	0	6	-	0	0	-	-10	-3	-208%
Amortisation	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-	0	0	-
Depreciation	-50	-49	-2%	-6	-8	+23%	-6	-6	-4%	-9	-10	+9%	-2	-3	+4%	-73	-75	+2%
Investments in PPE	30	34	-13%	2	2	+5%	3	2	+11%	1	0	+240%	1	1	+119%	37	39	-7%
Increase in right-of use assets	20	18	+11%	3	5	-35%	4	3	+41%	4	2	+96%	0	1	-62%	31	29	+9%
Employees	21,361	20,323	+5%	6,350	5,978	+6%	2,089	2,121	-2%	454	482	-6%	1,025	1,012	+1%	31,279	29,916	+5%

Income Statement [€ million]

[€ million]	Q3/22	Q3/21	∆ in %	YTD/22	YTD/21	∆ in %
Revenue	1,075.0	944.9	+14%	3,114.3	2,755.0	+13%
Gross profit	114.1	106.5	+7%	315.8	280.2	+13%
Selling and administrative expenses	-78.1	-71.4	-10%	-228.3	-214.3	-7%
Impairment losses and reversal of impairment losses (as per IFRS 9)	-0.8	-1.6	+51%	-2.8	-2.5	-13%
Other operating income and expense	0.7	20.0	1 -97%	-9.5	18.9	-
Income from investments accounted for using the equity method	0.8	0.6	+25%	2.6	1.8	+41%
Earnings before interest and taxes(EBIT)	36.6	54.2	-32%	77.8	84.2	-8%
Amortization of int. assets from aquisitions and goodwill impairments (IFRS 3)	0.0	0.0	-	0.0	0.0	-
Earnings before interest, taxes and amortization of intangible assets (EBITA)	36.6	54.2	-32%	77.8	84.2	-8%
Special items in EBITA	-0.1	3.0	- 2	-10.1	-3.3	-208%
1 Depreciation PP&E	24.8	23.9	+4%	73.0	74.6	-2%
Earnings before interest, taxes, depreciation and amortization (EBITDA)	61.4	78.1	-21%	150.7	158.8	-5%
Financial result	-7.0	-7.5	+7%	-19.3	-12.6	-53%
Earnings before taxes(EBT)	29.6	46,7	-37%	58.5	71.5	3 -18%
Income taxes	-6.8	-5.1	-35%	-22.9	-10.8	-113%
Earnings after taxes EAT (continuing operations)	22.8	41.6	-45%	35.5	60.8	-42%
Earnings after taxes EAT (discontinued operations)	-0.4	-0.5	+14%	0.7	3.6	-79%
Minority intersest	-0.3	-0.4	+16%	-1.8	-0.5	-268%
Net profit	22.0	40.8	-46%	34.5	63.9	-46%

PY includes real estate disposal 19, sale of Tebodin Oman 9 and restructuring expenses / IT -4

1

Gain on disposal, especially Oman (9), restructuring expenses (-3), IT (-2) 2

Includes write-up PPN Apleona 8 3

1 thereof depreciation of right-of-use assets from leases in the quarter €12.9 million (PY: €11.8 million), YTD €36.9 million (PY: €38.2 million)

Consolidated Balance Sheet: Assets

Consolidated Balance Sheet: Assets [€ million]

	09/30/2022	12/31/2021	09/30/2021
Non-current assets
Intangible assets	801.9	780.6	775.3
Property. plant and equipment	254.0	258.7	257.2
Right of use assets from leases	179.0	176.7	179.1
Investments accounted for using the equity method	11.7	11.4	10.2
Other financial assets	7.6	7.3	9.1
Deferred taxes	36.4	46.7	53.4
	1,290.6	1,281.4	1,284.3
Current assets
Inventories
Receivables and other financial assets	72.4	64.9	58.7
Current tax assets	1,110.3 11.4	909.1 20.3	1,072.3 12.6
Other assets
Securities	50.8	40.2	38.5
	0.0	0.0	0.0
Marketable securities	49.8	189.9	49.9
Cash and cash equivalents	461.7	642.9	790.9
Assets classified as held for sale	0.0	0.0	0.0
	1,756.4	1,867.3	2,022.9
Total	3,047.0	3,148.7	3,307.2

Bilfinger SE | Quarterly Statement Q3 2022 | November 9, 2022 page 23

Consolidated Balance Sheet: Equity & liabilities

	09/30/2022	12/31/2021	09/30/2021
Equity
Equity attributable to shareholders of Bilfinger SE	1,167.8	1,300.8	1,233.4
Attributable to minority interest	-11.2	-11.8	-12.4
	1,156.6	1,289.0	1,221.0
Non-current liabilities
Provisions for pensions and similar obligations	218.6	306.5	304.5
Other provisions		20.9 20.7	20.4
Financial debt	394.9	395.1	415.3
Other liabilities		0.7 2.5	0.6
Deferred taxes		9.4 4.2	4.5
	644.5	729.0	745.3
Current liabilities
Current tax liabilities		26.7 21.9	24.2
Other provisions	196.4	215.8	256.9
Financial debt		51.5 54.3	147.5
Trade and other payables	764.5	641.4	697.7
Other liabilities	206.8	197.3	214.6
Liabilities classified as held for sale		0.0 0.0	0.0
	1,245.9	1,130.7	1,340.9

Total 3,047.0 3,148.7 3,307.2

Bilfinger SE | Quarterly Statement Q3 2022 | November 9, 2022

Balance Sheet – Overview of Assets and Liabilities

Material asset positions

• Goodwill increases to 799 due to currency effects (6/22: 790)
• Non-current assets include property, plant and equipment 254, right-of-use assets from leases according to IFRS 16 179, deferred tax assets 36
• Current assets includes trade receivables 556 (6/22: 580)
• Securities and other investments no change

Material liability positions

• Equity: Slight decrease in balance sheet total and equity ratio despite positive net profit due to share buyback
• Pension provisions decrease due to higher interest rate
• Financial debt primarily relates to bond 06/2024 with 248, promissory note with 6 and leases 187
• Other non-current liabilities include deferred tax liabilities of 9 and other provisions 21 mainly for longterm personnel obligations
• Current liabilities relate for the most part to payables of 971 (6/22: 931), thereof trade payables 427 (6/22: 404) and payments received 171 (6/22: 155)

Bilfinger SE | Quarterly Statement Q3 2022 | November 9, 2022

Balance sheet liabilities / equity ratio [€ million / %]

Net liquidity decreased despite positive free cash flow due to share buyback

Net liquidity1) [€ million] Cash flow development year-to-date excl. IFRS 16 [€ million]

	9m 2022 excl. IFRS 16	IFRS 16 impacts	9m 2022 incl. IFRS 16	9m 2021 excl. IFRS 16
EBITA	78		78	84
Depreciation	35	38	73	રૂદ
Change in NWC	-101		-101	-125
Others	7	1	8	5
Special Items	-16		-16	-43
Operating CF	3		42	-43
Net CAPEX	-30		-30	5
Free CF	-27		12	-38
Proceeds/Investments financial assets	0		0	13
Share buyback program	-70		-70	0
Changes in marketable securities	140		140	408
Dividends	-194		-194	-78
Change in financial debt	-11	-36	-47	0
Interest paid	-17	-3	-20	-20
FX / other / DiscOp	-2		-2	-5
Change in Cash	-181		-181	280

Consolidated Statement of Cash Flows

Cash Flow Statement

[€ million]	Q3/22	Q3/21	∆ in %	YTD/22	YTD/21	∆ in %
EBITDA	61.4	78.1	-21%	150.7	158.8	-5%
Change in advance payments received	29.0	21.5	+35%	19.3	1.9	+908%
Change in trade receivables	3.5	-44.6	-	-150.5	-174.9	+14%
Change in trade payables and advance payments made	15.2	38.7	-61%	85.9	82.4	+4%
Change in net trade assets	47.8	15.6	+206%	-45.3	-90.6	+50%
Change in current provisions	-3.6	-2.9	-26%	-18.9	-39.1	+52%
Change in other current assets (including other investories) and liabilities	-17.8	5.1	-	-36.5	4.7	-
Change in working capital	26.4	17.8	+48%	-100.7	-125.1	+19%
Change in non-current assets and liabilities	-5.3	-5.6	+6%	-4.0	-9.3	+57%
Gains / losses from disposal of non-current assets	-4.3	-26.5	+84%	-5.5	-30.3	+82%
Income from investments accounted for using the equity method	-0.9	-0.6	-32%	-2.7	-2.0	-34%
Dividends received	1.4	1.9	-27%	3.0	10.5	-71%
Interest received	1.0	-0.1	-	2.3	3.4	-33%
Income tax payments	1.6	-4.7	-	-1.2	-8.7	+86%
Operating cash flow (OCF)	81.3	60.2	+35%	41.9	-2.8	-
Investments in property, plant and equipment and intangible assets	-13.8	-21.1	+35%	-36.5	-39.4	+7%
Payments received from the disposal of P, P & E and intangible assets	1.3	33.4	-96%	6.5	43.9	-85%
Net cash outflow for P, P & E and intangible assets (net capex)	-12.5	12.3	- 1	-30.1	4.5	-
Free cash flow (FCF)	68.8	72.5	-5%	11.8	1.7	+583%
thereof special items in free cash flow	-3.5	-7.4	+53%	-15.4	-42.8	+64%

Net Capex includes prior year real estate disposals of +31 in the quarter or +38 YTD ¹ 1

Disclaimer

This presentation has been produced for support of oral information purposes only and contains forward-looking statements which involve risks and uncertainties. Forward-looking statements are statements that are not historical facts, including statements about our beliefs and expectations. Such statements made within this document are based on plans, estimates and projections as they are currently available to Bilfinger SE. Forward-looking statements are therefore valid only as of the date they are made, and we undertake no obligation to update publicly any of them in light of new information or future events. Apart from this, a number of important factors could therefore cause actual results to differ materially from those contained in any forward-looking statement. Such factors include the conditions in worldwide financial markets as well as the factors that derive from any change in worldwide economic development.

This document does not constitute any form of offer or invitation to subscribe for or purchase any securities. In addition, the shares of Bilfinger SE have not been registered under United States Securities Law and may not be offered, sold or delivered within the United States or to US persons absent registration under or an applicable exemption from the registration requirements of the United States Securities Law.